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the basis of a 360 day year for the actual number of days elapsed,
at a fluctuating rate per annum equal to 2~.~; over the base rate
of Citibank, N.A. ("Citibank") on 90 day loans to Citibank's most
responsible and substantial commercial borrowers, but in no event
greater than the maximum rate penaitted to be charged to Mortgagor
under applicable law. Interest on the outstanding principal
balance shall be due and payable monthly commencing on the 1st
day of July, 1980, and on the 1st day of each and every month
thereafter through the Extended Maturity Date at which time all
accrued and unpaid interest and the entire outstanding principal
indebtedness and all other payments due and owing under the
Mortgage shall be due and payable. ,
5. In order to induce Mortgagee to execute this Agreement,
simultaneously with the execution of this Agreement, Mortgagor
shall pay to Mortgagee an extension fee in the amount of $16,500.00
by a good cashier's check drawn upon a bank acceptable to Mortgagee
which shall be in addition to all other payments due and payable
to Mortgagee under the Mortgage.
6. Mortgagor does not intend or expect to pay nor does
Mortgagee intend or expect to charge, accept or collect any
interest under the Mortgage, as modified hereby, greater than the
highest legal rate of interest which may be charged under appli-
cable law. Inasmuch as the rate of interest shall fluctuate, it
is impossible to calculate accurately the total amount of interest
which will be paid by Mortgagor to Mortgagee under the terms of. ~
the Mortgage as modified hereby. Mortgagee will, therefore, from
time to time during the term of the Mortgage, calculate the
amount of interest which it has charged and received and which it
may charge and receive and, if it appears to Mortgagee that it
may charge or collect interest exceeding, the maximum rate per-
mitted under applicable law, Mortgagee will charge a lesser rate
of interest for varying periods of time during the term of the
loan so that the amount of interest charged or collected will not
exceed such maximum rate. Should the acceleration of the remain-
ing balance of said principal sum in the event of a default
hereunder or under the Mortgage, or any charges made hereunder or
under the Mortgage, result in the computation or earning of
interest in excess of such maximum rate, any and all such excess
not theretofore paid shall be, and the same is, hereby waived by r
Mortgagee, and any and all such excess which shall have then been '
paid shall be credited to the then remaining principal balance ~
due under the Mortgage. Likewise, at the time the Mortgage shall
be paid in-full, Mortgagee will again recalculate the interest
charged and paid and, if Mortgagee shall have inadvertently
charged or collected interest in excess of such maximum rate, and
any and all such excess which shall have then been paid shall be
credited to the then remaining principal balance. By the same
token, should Mortgagee have reduced the interest rate, as set
forth in this paragraph, and if, on the date of final payment it
shall appear that Mortgagee would lawfully have been permitted, to
charge a greater interest rate than that actually charged and
paid (but in no event exceeding annual interest computed as above
set forth), Mortgagee will be entitled to collect from Mortgagor
the difference between the interest so paid and the interest
which Mortgagee would have been. so entitled to charge.
7. Mortgagor hereby covenants and agrees to pay said
principal sum and interest as above set forth and to comply with
the other terms and provisions of the Mortgage as the same is
hereby modified and extended.
8. Mortgagor hereby represents and warrants: (1) that it
is now the owner of the premises encumbered by the Mortgage which
is a valid first lien; (2) that as of the date hereof the princi-
pal sum outstanding on the Mortgage is $2,596,161 and that there.
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